President Bola Tinubu has assured Nigerians of better economic output as the economy continues to expand following the newly released third quarter Gross Domestic Product report by the National Bureau of Statistics.
According to the NBS, Nigeria’s GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter.
The growth in GDP shows that President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course.
The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.
President Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030. He assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to shared prosperity.
The latest GDP growth in the third quarter is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
This performance once again shows that the reforms embarked upon by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to yield fruits.
The proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor. The new Tax regime seeks to promote equity by reducing what is known as the headquarters effect—a situation where states where company headquarters are based get more benefits because their taxes for the whole nation are remitted—in favour of spatial and demographic equity.
President Tinubu said, “I am excited by the latest report from the National Bureau of Statistics that our economy grew in the third quarter more than last quarter and even beyond projected estimates. While I welcome this development, the latest figure also shows the much work that needs to be done. We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard. My administration remains committed to the welfare of our people.”
The top contributing sectors to GDP in Q3 2024 are Agriculture 28.65%, ICT 16.35%, Trade 14.78%, Manufacturing 8.21%, Crude Oil 5.57%, Finance & Insurance 5.51% and Real Estate 5.43%.